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I’m not an economist, but I read a lot. Here’s what happened:
greed + stupidity. Greed on the part of the lenders, i.e. taking
advantage of people who can’t read finance terms, and stupidity on the part
of…people who can’t read finance terms.

Here’s how it plays out:

1. Greedy, immoral people loan stupid amounts of money to people they know
   probably won’t be able to pay it back. They do so using loans that are
   variable in rate — a concept that many with subprime credit don’t grasp.
   The key concept here is that they knew many of these people were
   going to default. They absolutely knew that these people couldn’t handle
   what they were agreeing to, but the loans were made anyway.
   Greed.

2. A large number of people who aren’t educated or mature enough to have a
   high credit score enter into agreements that are virtually guaranteed to
   screw them over if economic conditions change. Economic conditions
   change. They get screwed over. Stupidity.

This isn’t an isolated incident. This is the way America works. The greedy
and powerful take advantage of the stupid and weak. The only difference here
is that this particular greed-fest was so voracious that it’s affecting the
ability for the powerful to continue to rape their victims. It’s like a lab
rat experiment gone wrong, “Damn…we upped the extraction rate and killed
this entire group…”